If the thought of starting your own tech business seem a bit daunting, you are not alone. Starting any business, let alone a tech one, is one of the most intimidating things anyone could do. Nevertheless, many people do start and run their own businesses, and are successful. Once you have a working business and the wheels are churning then you need to be able to scale that business in order to maintain it's long term future.
First things first – how do you know when the magic moment has arrived to start turning your business idea into reality? Do you know how to sustain that momentum for success?
1. Do they want what you’ve got?
It’s no good having a brilliant idea and assume that no one else has thought of it. Check out the market first to see if what you want to offer is fulfilling a need with potential clients. Check out your competitors as well, as you may have a niche offering or way of presenting that will corner the market. (For example, a taxi to Uber.) If you see that there’s an opportunity, this may be the magic moment to start. Go for it, but be prepared to address obstacles along the way.
Have you noticed our #FridayExpertTips... here's one that relates to #Technology
“Many Startups succeed because they’ve identified a niche and have cornered that market. By discovering a service or product no one else has thought of – or at least effectively pulled off – you give your company a shot at success.”
Related: Most CEOs miss these 3 things when scaling their business
2. Experience, the great teacher
The best way to learn is to evaluate from experience. Analysing your failures as well as our successes teaches you valuable lessons. You can learn also from studying the successes and failures of others. Coaches, advisors, mentors, partners and teammates can help you prepare for every situation to avoid pitfalls. A business coach or advisor is probably the best source of help you could draw on.
Azure Group is a specialist tech advisory firm and works with high-tech and emerging growth tech companies. We do Government Grants and ESOP, and are strongly connected into the tech sector. We help tech startups right through to established tech businesses.
Related: When is the right time to engage an Advisor for my Startup?
3. Train your talent
Your business is worth the best. Find team members who align with your vision and mission, who perform at the highest level, who have professional standards and take pride in the quality of their work and your business. You need to find right people who will be the perfect fit for your business, and who embrace training and personal development.
4. Money, money, money…
How many times have you heard that ‘cash is king’? The worldwide economy has been affected by coronavirus, with some businesses losing up to 75 per cent of their revenue in a single quarter. Cash isn’t just king – it’s now critical for survival. Whether you are trying to get the company off the ground, or you are working through growing plans to expand, every penny matters in the long-term success of your efforts. The good news is that there is financial assistance available for employee hire and wages, asset write-off, some of the lowest mortgage rates we’ve ever seen and government grants. With good accounting systems and good financial advice, you should be able to drive through the current crisis towards future growth.
Related: Cashflow is a lifeblood of your business, especially during a pandemic such as coronavirus
5. Focus on customer service
Customers are the lifeblood of all businesses. ‘The customer is always right’ is not actually true, but it does indicate the sort of attitude towards your customers that will promote success. It is important that all team members appreciate and practise this, so that your customer service experience is consistent and engaging. The happier a customer is, the more loyal they remain, even becoming ambassadors for your business.
6. Build your online presence
In the past, the business approached the potential customer via advertising in the papers, magazines, billboards and on TV. Nowadays, the customer has already researched what they want on the internet before they approach the business, so it’s vital to be in the online marketplace. Set aside a budget and employ a digital marketing professional to assist you with a website, regular blogs, videos and podcasts, and social media posts. If people can’t find you on the internet, there's a big possibility they won’t buy from you.
7. Build your word of mouth marketing strategy
Implementing an online strategy is vital but so is word-of-mouth marketing. Traditionally, word of mouth marketing was spread from one person to another, based on recommendation. Modern word of mouth marketing describes both targeted efforts and naturally occurring instances where users share their satisfaction with a brand. People buy from people they like and trust, so use every opportunity to spread the word about how good your business is. Join networking groups and local council business groups. Ask for feedback from every customer – in today’s hyper-connected world, a single recommendation can have far greater impact than old-fashioned advertising.
8. Overcome obstacles while keeping your eyes on the finish line
Stuff happens. A treasured employee leaves, the government changes the rules, coronavirus hits town and shuts down a major customer. Every business has obstacles that arise but there is always a solution. Ask for help, don’t stress about what you can’t change and reaffirm a positive attitude. After all, these are the experiences that are the great teachers! Once your obstacles have been removed, spend some time on planning the next growth phase of your startup.
Related: Do Tech Startups need to re-evaluate and adapt due to a shift in customer behaviour
9. Trusted advisors, open mind
Having trusted advisors is probably the greatest asset any business could have. Find a mentor, gather your support team, outsource to others the necessary tasks that are not your passion. All these people want you to succeed almost as much has you do! However, they are human and therefore fallible so keeping an open mind to their advice will greatly improve your chances of success in starting your business or growing an existing one. Get in touch.
And remember... building a successful tech business is a marathon, not a sprint.
Have you noticed our #FridayExpertTips... here's one that relates to #Technology
"Being a Tech Startup Founder usually means an exciting world of innovation and creativity. While it's great to do something you love, you need to make a living of it. Working with an Accountant that understands the Tech sector is a great way to master proof your growth plans."